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Barneys Big Day

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by Matt Cooper
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Apr 20 2007 12:00am EDT

Barney's Big Day

Looks like the House is getting ready to pass Barney Frank's proposal to allow shareholders a non-binding vote on executive pay. The Massachusetts Democrat plans to stay on this. What's interesting to me is how little confrontation there's been between Frank and the administration. You're not seeing a slew of proposals to, say, regulate hedge funds. This is a pretty moderate proposal, one that the administration seems to be opposing only half heartedly and which overseas experience suggests isn't used very often anyway. Certainly the Dow hovering near 13,000 suggests the street isn't freaked out about this possibility. If it gets through the Senate, I'm willing to bet that George W. Bush just lets H.R. 1257, the Frank bill, without his signature, as provided by the constitution. That's what he did with McCain-Feingold which he once opposed. It's what presidents do when they cave.

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